During this week’s episode of the Tax Rep Network Podcast, Eric chats with Walter Pagano, CPA, CFE. The topic of conversation is QuickBooks®—specifically, what happens (and what to do) when the IRS requests a QuickBooks file.

This is a conversation Eric has wanted to have for a while now, mainly because the subject arises frequently. In fact, Eric reveals that in every single exam, the auditor is going to ask for the QuickBooks file—and not just the QuickBooks file, but the complete electronic backup. This tends to throw off practitioners.

Given Walter’s background, which Eric shares at the beginning of the podcast, he’s the perfect guest to explain why the IRS requests this file.

There are actually several reasons, but the main one is that it reduces the burden on the IRS to examine books and records. Further, the electronic version provides a complete set of books and records, and it also increases the efficiency of the audit process itself.

Walter also states bluntly, “The Internal Revenue Service has the statutory authority to request books and records, [as well as] the authority to request books and records in electronic format.”

You can listen to Eric’s full conversation with Walter, where further details on the matter are discussed, now. For instant access to the Tax Rep Network Podcast Episode 110, click here.

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